{"id":789826,"date":"2023-10-12T00:03:07","date_gmt":"2023-10-12T04:03:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/survey-for-first-time-since-2020-more-middle-income-households-rate-finances-negatively-than-positively\/"},"modified":"2023-10-12T00:03:07","modified_gmt":"2023-10-12T04:03:07","slug":"survey-for-first-time-since-2020-more-middle-income-households-rate-finances-negatively-than-positively","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/survey-for-first-time-since-2020-more-middle-income-households-rate-finances-negatively-than-positively\/","title":{"rendered":"SURVEY: For First Time Since 2020, More Middle-Income Households Rate Finances Negatively Than Positively"},"content":{"rendered":"

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SURVEY: For First Time Since 2020, More Middle-Income Households Rate Finances Negatively Than Positively<\/b><\/p>\n

Nearly a quarter say financial situation is impacting their relationships<\/i><\/p>\n

DULUTH, Ga.–(BUSINESS WIRE<\/a>)–
\nPrimerica, Inc. (NYSE: PRI), a leading provider of financial services in the United States and Canada, released the Middle-Income Financial Security Monitor\u2122 (FSM\u2122)<\/a> for the third quarter of 2023<\/a> \u2014 a national survey that measures changes in the sentiments of middle-income families in the U.S. about their finances.<\/p>\n

\nFor the first time in the survey\u2019s history, more middle-income Americans rate their personal finances negatively than positively. Just over half (51%) say their finances are either not so good or poor while less than half (49%) say they are excellent or good. In addition, a large majority (72%) continue to say their income is falling behind the cost of living, and less than one-fifth (15%) believe the U.S. economy will be better off a year from now.<\/p>\n

\nThe financial outlook is negatively impacting many households on a personal level.Nearly half (44%) of middle-income Americans say they have felt depressed and almost two-fifths (38%) report finding it difficult to sleep at night in the past month due to their financial situation. In addition, almost a quarter (23%) say their financial situation has impacted their relationship with their spouse or partner. However, a plurality (46%) say their financial situation hasn\u2019t impacted them in any of these ways.<\/p>\n

\nHouseholds widely expect prices for necessities to rise in the coming months. The majority foresee an increase in the cost of food (77%), gas (75%), utilities (69%) and health care (64%). These essential items are tracked by the Primerica Household Budget Index\u2122 (HBI\u2122)<\/a>. The most recent HBI\u2122 data<\/a> shows that middle-income Americans continue to struggle despite easing inflation.<\/p>\n

\n\u201cMiddle-income families are under extreme financial stress,\u201d said Glenn Williams, CEO of Primerica. \u201cThe increased usage of credit cards, alongside higher delinquency rates, reflects the compounding effect of higher prices over multiple years. These conditions led to less than half of middle-income families rating their current financial situation positively.\u201d<\/p>\n

\n“Even though inflation has tempered significantly since its peak in Summer 2022, the lower inflation rate present today still means prices are rising overall and the pain from the quick run-up in essential items is still very raw for middle-income households,\u201d said Amy Crews Cutts, economic consultant to Primerica. \u201cAll the items tracked by Primerica’s Household Budget Index\u2260\u2122 were called out as concerns – rising gas prices, utilities, food and healthcare – yet the combined price index for these items fell in the third quarter. Middle-income families may be experiencing some actual budget relief from recent lower food and gas prices, but the holes left in their wallets will take a while to heal as evidenced by the majority now stating that their personal financial condition is not ‘so good’ or ‘poor.'”<\/p>\n

Key Findings from Primerica\u2019s U.S. Middle-Income Financial Security Monitor<\/b><\/p>\n